Is there any potential for a class action suit? Some of the people I'm in contact with are asking this.
Also, with the supposed number of 'AG mods' that are just popping out of the woodwork, there needs to be publicity of the fact that this can be litigated successfully. Right now, with the
CW cases, they are managing to convince a portion of the prople not to even investigate.
CW also loaned to a segment of the populace that may not have access to good advice or sufficient knowledge of the law to realize they need to pursue this.
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Originally Posted by Paul Molinaro Esq.  Well... sorry to say... I've gotten calls from frustated borrowers with loans from many different lenders playing this new game. It is not just one lender.
And you have identified the game perfectly.
Scenario 1 - the lender accepts a few payments under the modified agreement then pretends never to have agreed to the loan mod
Scenario 2 - the lender claims that the note was sold just as the modification went through and the new lender was supposed to honor the modification - but new lender pretends it knew nothing of the modification.
I am seeing more of these calls... not as many as people calling who have simply been scammed by loan mod shoppes, but I see a trend starting.
As to the AG cases, not really what I was referring to... the ones I see have nothing to do with the AG settlement cases.
My firm will generally accept these cases on an hourly fee basis to see if we can get the bank to honor its agreements... if that fails then litigation is the next step.
- Paul |